By Gilles Castonguay
MILAN--Italian asset managers registered a net outflow of 4.65
billion euros ($5.63 billion) in June, the largest monthly outflow
this year, Italian industry association Assogestioni said in its
monthly report Tuesday.
Since the beginning of 2012, outflows have totalled EUR10.12
billion, an indication of investor fears about the repercussions of
Europe's sovereign debt crisis on the region's economy and its
common currency.
In May, outflows were far smaller, totaling EUR1.16 billion.
Shares of asset management companies, such as Banca Generali SpA
(BGN.MI), Mediolanum SpA (MED.MI) and Azimut SpA (AZM.MI), as well
as Intesa Sanpaolo SpA (ISP.MI) and UniCredit SpA (UCG.MI), are
sensitive to capital flows data as inflows boost their profits from
fees and commissions.
At the end of June, the industry had EUR954.25 billion worth of
assets under management, according to Assogestioni.
Write to Gilles Castonguay at gilles.castonguay@dowjones.com
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